It was a relatively quiet night of trading last night, with both corn and soybeans trading on both sides of yesterday’s settlement. I’m afraid today will be a tricky one as we have what appears to be a very tough “weather weekend” in front of us for the spec trader. The market is, of course, aware of the high heat expected to stick around through next week that will create its own mess of problems that the market has already started to price in. The question is, between now and Sunday night (which is when our markets re-open), will the dome of hot/dry weather show signs of ending or will the forecasts Sunday just stretch the hot/dry weather out deeper into August? That will be a question that many in the trade will be asking themselves before the market closes this afternoon as that will likely be the #1 driver for price action Sunday night.
Other than that, the corn and soybean markets seem to be getting pushed/pulled by how they look on a chart (example: December corn failed to fill the gap Wednesday (at 5.73) and sold off, but it also failed to break below the 20day moving average yesterday (at 5.50) and it stabilized), so for the most part we are stuck in a bit of a trading range. If a change in weather is what breaks us out of the range (one way or the other, up or down), unless we get a surprise in the midday forecasts it might be next week before we learn more on that.
Corn is steady/mixed
Soybeans are 3 to 5 cents lower